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Home Buying 101

Home Buying 101. The Reality of Realty. Why buy a home?. How to Buy a Home. Simply put, buying a home involves three steps…. Finding a home you like and can afford. We would all like to live in a big house on a hill, but most of us can’t afford that type of home.

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Home Buying 101

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  1. Home Buying 101 The Reality of Realty

  2. Why buy a home?

  3. How to Buy a Home Simply put, buying a home involves three steps…

  4. Finding a home you like and can afford We would all like to live in a big house on a hill, but most of us can’t afford that type of home. This means we have to determine:

  5. What features in a home are most important to you? Click here to play a game to see what home features are important to you!

  6. What can you afford? When you buy a home, you will probably have to take out a home loan. The agreement to pay back that loan between you, the borrower, and the lender is called a mortgage. The home loan (or mortgage) will consist of the principal and the interest.

  7. What can you afford? Other things that could be added to a mortgage…

  8. What can you afford?

  9. What can you afford?(What does this mean for me?) There are a lot of free home affordability calculators on the internet; click here for one from Yahoo!

  10. Getting Pre-Approval

  11. What a lender wants to see for pre-approval

  12. What a lender wants to see for pre-approvalIncome History

  13. What a lender wants to see for pre-approvalProof you pay bills on time

  14. What a lender wants to see for pre-approvalLow amount of debt

  15. Credit issues

  16. Credit IssuesWhat is in a Credit Report?

  17. Credit IssuesCredit Reports There are three different credit bureaus that generate credit reports Lenders will use a credit score based on scores from all three credit bureaus

  18. Credit IssuesCredit Reports Make sure your credit report is correct

  19. Debt vs. No Debt Having a history of debt and paying it off on time can increase your credit score Continuing to have debt, however, can lower the amount of money you can borrow

  20. Debt vs. No DebtHow Debt Affects the Size of a Loan

  21. Debt vs. No DebtThe Impact of Debt ($100 a month credit card bill)

  22. Lenders There two main ways to find a lender

  23. Programs for first time or low income homebuyers

  24. The Role of Realtors

  25. House hunting Tips

  26. House Hunting Tips

  27. The transaction processYou’ve been pre-approved for a loan and found a home you like...

  28. The Transaction Process

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